SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15 (d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported) February 22, 1999
SIMTEK CORPORATION
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(Exact name of registrant as specified in its charter)
Colorado 0-19027 84-1057605
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(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
1465 Kelly Johnson Boulevard
Colorado Springs, Colorado 80920
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(Address of principal executive offices) Zip Code
Registrant's telephone, including area code: (719) 531-9444
Not applicable
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Former name or former address, if changed since last report
<PAGE>
Item 5: Other Information:
(1) The press release announcing financial results for 1998, dated February
19, 1999 was released by the Registrant:
SIMTEK ANNOUNCES FINANCIAL RESULTS
FOR 1998
COLORADO SPRINGS, Colorado - February 19, 1999 -- Simtek Corporation,
provider of the world's fastest re-programmable nonvolatile semiconductor
memories, announced preliminary financial results (pending completion of its
annual audit) for the fourth quarter and year ending December 31, 1998. The
company posted a net loss of $32,911 for the fourth quarter of 1998 and a net
profit of $162,781 for the year, compared with a net profit of $425,182 for the
fourth quarter of 1997 and a net profit of $788,618 for the year. Revenues for
the fourth quarter were $1,374,511, down from $1,747,889 for the same quarter in
1997, reflecting lower demand for semiconductor memories, primarily in Japan and
other areas of the Far East. Net revenues totaled $6,180,550 for 1998 compared
to $6,632,186 for 1997.
"The second half of 1998 was disappointing for many memory integrated
circuit suppliers, especially due to the impact that the struggling far east
economy had on product demand." stated Douglas Mitchell, Simtek's president
and CEO. "Reduced systems demand and excess manufacturing capacity put
additional pressure on most of the industry, including Simtek. During this
period, Simtek concentrated on working with customers on new system designs
as well as developing new products for the year ahead. We believe that
during the first half of 1999 our market segment will recover and begin to
fill pent-up demand created in 1998."
"We are also looking forward to penetrating the real-time clock (RTC)
market in 1999 with Simtek's new family of capacitor powered RTCs. These
devices will provide the data security advantages of our nvSRAM technology
with a unique low-power clock oscillator. Simtek's RTCs will offer a
superior solution than has been previously available to the market,"
continued Mr. Mitchell. "Simtek is now really concentrating on expanding its
opportunity base in the industrial control and office automation markets."
<PAGE>
Simtek's financial results for 1998 were depressed in the second half of
the year but still performed well compared to other companies in their market
sector.
<TABLE>
<CAPTION>
FINANCIAL RESULTS
Three Months ended Dec 31 Year ended Dec 31
1998 1997 1998 1997
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<S> <C> <C> <C> <C>
Net Sales $1,374,511 $1,747,889 $6,180,550 $6,632,186
Cost of Goods Sold 810,236 848,471 3,477,861 3,676,432
Gross Margin 564,275 899,418 2,702,689 2,955,754
Total selling, general and 612,628 486,118 2,553,470 2,225,179
Administrative expenses
Net Income and Comprehensive (32,911) 425,182 162,781 788,618
Income
Basic and diluted Earnings per Share 0.00 0.01 0.01 0.03
Dilutive Shares Outstanding 29,270,314 30,834,509 30,250,334 30,689,562
</TABLE>
Simtek Corporation develops, produces and markets the world's fastest
re-programmable nonvolatile semiconductor memories. Information on Simtek
products can be obtained from its web page: www.simtek.com; email:
[email protected]; by calling (719) 531-9444; or fax (719) 531-9481. The company
is headquartered in Colorado Springs, Colorado, with international sales and
marketing channels. Simtek is listed under the symbol SRAM on the OTC Electronic
Bulletin Board.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned and hereunto duly authorized.
SIMTEK CORPORATION
February 22, 1999 By: /s/Douglas Mitchell
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DOUGLAS MITCHELL
Chief Executive Officer
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